tv After the Bell FOX Business October 27, 2017 4:00pm-5:00pm EDT
what the price to pay for competition. [closing bell rings] liz: i'm listening to you steve. from federated markets. record closes for the nasdaq and s&p. all three averages notch weekly wins. that it is for the "claman countdown." see you on monday. cheryl: stocks pushed the dow into positive territory the seventh week in a row. this is the longest winning week of the year. liz said it, nasdaq closing at new record highs. i'm cheryl casone, in for melissa francis today. david: cheryl, good to see you. forget about the dow, all about the last index, look at that, the nasdaq up 2.25%. wait until you hear how much amazon is up. welcome to "after the bell." happy friday. here is what else we're covering for you in a very busy hour. the president quote, is ready to put rocket fuel into the economy. the white house taking a victory lap for the strong gdp number
out moments ago, saying we need tax cuts now to keep on growing. will we see the tax bill by thanksgiving? the clock is ticking as republicans debate key issues including touching your 401(k). will they or won't they? kevin brady telling fox business, giving hints what we could see in the plan next week. steve forbes gives his take. things in spain are heating up catalonia declaring independence which spain is ignoring. a live look outside the parliament building, peaceful for the moment. let's hope it stays that way. more on the issue coming next. cheryl: the dow ending the day, and well, the week higher. new record for the s&p and the nasdaq. the dow is higher. we almost had the new record close. i hate those moments nicole petallides on floor of new york stock exchange.
we're so close with this. it was all about earnings and technology. what a day. >> no doubt, cheryl. it has been exciting. we continue to see one record after another in all different shapes and forms. in this case as you noted, nasdaq and s&p 500 with record closes today. tech on a tear. in fact we saw facebook, amazon, microsoft, google all at new highs. amazon up 13%. alphabet google up 4%. microsoft up 6% and intel up 7%. amazon, who became the richest man in the whole wide world, $91 billion. the first time this happened when the stock hit a high in july. they published a list way back when. he was worth 7 1/2 billion. he is way over bill gates just slightly. he is number one. takes the cake there. we look at cvs and aetna. this is a story we broke right
here on fox news right going into the closing bell yesterday. both came under pressure on tie-up of a deal. you can see a new low for cvs health. down 5.7%. aetna a big laggard. for the week we have all up arrows and we have to cheer some of those winners and tech did really great, really shine today. cheryl: the amazon effect hitting entire market. nicole, thanks so much. economic growth crushed expectation this is morning. gdp hitting 3% for the third quarter, despite impact with not one but two deadly hurricanes. let's bring in today's panel. care roth, entrepreneur, former investment banker and john petrides is here. >> thanks for having me on. cheryl: cheryl, what about the gdp. imagine if we didn't have hurricanes what the economy would look like right now? >> that is amazing cheryl. it is in context where we are in
the late-stage of the global economic cycle. you expect to have those kinds of numbers early in a recovery but the fact they keep on keeping on is such a great thing. testament to optimism businesses and consumers have, potentially continue to have if we do get tax reform done. cheryl: talking about tax reform, john, lowering corporate tax rate, repatriation of money back into the country, but also technology names are on fire. we are seemingly on the cusp of more highs. >> going back to the gdp report, first time since 2014 we had back-to-back quarters of 3% plus. we're talking about the stock market at record highs, valuations being extended last 10 or 20 years. you're seeing fundamentals on economic and company corporate side, meeting expectations. this is great day for the
market. cheryl: amazon, microsoft, alphabet, all-time highs. david: incredible levels. the house ways and means committee is set to release the tax reform bill next week. how will this affect americans 401(k) plans? a lot of people want to know. blake burman was asking the hot question about tax reform today during the white house briefing. blake? reporter: dave, this involves what the future structure of 401(k)s are going to look like, whether or not the pretax dollars, $18,000 level, if it will stay at the level or drop. the house ways and means committee chairman kevin brady saying yesterday that one of the possibilities yesterday looking at whether or not people can put more money into the 401(k), but he would not say, how much of that money would be at a pretaxed level. white house press briefing earlier today, i asked say raw raw -- sarah sanders whether the
president wants to make sure pretax level for 401(k) doesn't drop. here is her response. >> president wants to fight and push for protection of americans retirement. that hasn't changed but i'm not negotiating any deals beyond that but that is the president's position today and same as it was earlier this week. reporter: she said she wouldn't get into any negotiations from the white house lecturn there but here's what is clear, david. right now, there are a lot of negotiations going on with this one. speaking of with people both here at the white house and on capitol hill, one of the words i was giving this is evolving, set pretty much up in the air. kevin brady says first batch of details comes out next week. doesn't seem any final decision is made on 401(k)s structure of it, and how much americans might put into it going forward. david: it is frantic. they don't have much time. they don't have much time. reporter: four or five days
before it gets put out next week. david: jason lewis, republican from minnesota on the house budget committee. no doubt not getting much sleep next couple weeks. let's stay with the 401(k)s for a second. seems to be mixed messages coming out of white house and congress. let me play kevin brady, ways and means. tax-writing committee out of the house. hear what he said to fbn earlier today. >> we're going to strengthen 401(k)s an ira's, and we're going it make them bigger. we're working to reach a good solution there. if not, we'll leave them as they are, but i think we can help people save more. david: i worry when somebody inside the beltway says i can help you. that is why i think donald trump tweeted out earlier this week, he said there will be no change to your 401(k). this is always been great and popular middle class tax break that works and it stays. change or no change, which is
it, congressman? >> you mean david you're skeptical when the irs says i'm here to help you? david: when anybody inside the beltway, including you. >> look, 1986 is any indication there will be a lot of give-and-take between now and when the final bill is signed. i would say this. if you have economic growth, remember during the reagan recovery, we had five straight quarters of 7% growth. david: that's right. >> we have couple good quarters but there is more room to grow. if you get growth, you get more savings. david: right. >> marginal income tax rates lowered and get animal spirits activated you get more savings from that. the prior emphasis, what tax policy promotes growth. david: congressman, i agree with, i agree with everything you just said, 100%, but you still didn't answer my question. when we have no change as president said on 401(k)s, or will there be some change? >> well look, the house ways and means committee will come up
with a bill. hopefully we have that next week. the senate finance committee has to come up with a bill. it goes to conference. i can't predict interest rates let alone what a tax bill will look like but all i'm telling you in order to get from seven rates to three rates, in order to get the top marginal rates down everybody can't have every deduction they wanted. personally i like 401(k)s. they are a great success. i would push to have those in there, we have to be flexible to get marginal income tax rates down. that is what promotes growth. david: here is another thing that concerns me. talk about new taxes. we talk about a wealth tax, a higher tax than we have now, above 39%, for the wealthiest americans. then something called foreign investment tax, the details of which are kind of vague. shouldn't we just be subtracting taxes not adding new ones? >> well under reconciliation rules it has to be revenue neutral in some cases. so the committees are looking for revenue. democrats are trying to protect
the state and local tax exemption that goes to upper income earners. they're saying like some other people, let us keep deducting state and local taxes in new york and california, we'll settle for a higher rate. the other aspect of that is remove that elimination so you don't have to have that higher rate. you can collect revenue there, have a level playing field. you have strange bedfellows here when liberal democrats are trying to protect a deduction, state and local income tax deduction. david: primarily for the rich. >> 80% goes to income over 400,000. david: robert mueller is special counsel looking at investigations. robert mueller was head of fbi when a lot of stuff concerning uranium one was in the spotlight and part of his per view investigating russia. should he recuse himself as jeff sessions did from the russian investigation because he was in
it? >> there are a myriad of conflicts of interests with some of these agencies that are now investigating things. you know, you mentioned uranium one but there is also the dossier and who was working with fusion gps and what people were there, and for heavens sake, quote, unquote, the deep state was involved in promoting a fake document. so we have got to get to the bottom of this. most of this is very, very troubling, especially as pertains to government agencies being involved and not just politicalpatives. david: mueller, should he recuse himself, yes or no? >> well i would have to look at this from a legal analysis, if you will. i'm not a lawyer but i will say, i will say this, there are a myriad of conflicts of interest, david. david: congressman lewis. thank you very much. have a good weekend if you get any rest at all. cheryl? >> you bet. cheryl: hear from a lawmaker himself, let's bring the panel back. john, what you heard about tax
reform, in particular the 401(k), the fate of the 401(k), what stood out to you? >> they can't touch the 401(k), that is a life blood for retirees, particularly cohort. we will not rely on any government income by the time i retire, particularly my kids. i need to save on pretax basis. i hope the president is right, that is untouchable. cheryl: this language thrown around, none of this is in writing, before tax, you can now put away 18,500. they may lower that, they may change it. a lot concerns people, cheryl -- carol, but at same time you have the issues of state and local tax deduction, for example, if you're in new york, you're a donor state. every dollar we get out of the state of new york we're only getting 71 cents back. that is a hard pill to swallow for many legislators right now.
>> absolutely. i'm from illinois. we got 33% increase in our state income tax. my property taxes doubled last year. i'm one of those people if you're already tanged on something, you shouldn't pay taxes again. these legislators put a false choice that they need to make everything revenue neutral. there is another choice, spend less, let people be stewards of their capital. we know private individuals and individuals are better than government. that is where we need to get growth. melissa: congressman lewis is not with us anymore, if he wants to spend less. david: i want to elect carol to something. she sounds pretty good to me. i would vote for her. the social security administration spending a record amount of money this year, topping a trillion dollars for the first time ever. so if they're spending so much more, why does so many young americans think they will never
see a time from their accounts? cheryl: plus, apology from the irs over the tea party targeting scandal. the justice department announcing a setment on behalf of conservative groups that claim they were treated unfairly. is this enough though? david: no. cheryl: we'll speak with tea party patriots founder mark meckler. david: more bombshells from russians to the democrats, from uranium one, to the trump dossier, there are a lot more democrats involved with russia than either the media or democrats ever acknowledged. >> if we're seeing now if any collusion with russia it was between the dnc and the clintons. certainly not our campaign. we'. we'll listen. we'll talk. we'll plan. baird. ♪ ca♪ yes you can
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cheryl: russian scheming collusion. all the things media claimed for months was part of they claimed was part of president trump's campaign. the op-ed from "the wall street journal," the coming russian bombshells, signals more to come. we have vince coglianese. weekly caller. >> nice to be here. cheryl: let's hear what donald trump says about this. this knows where the white house stands. now commonly agreed after months of costly looking there was no collusion with russia, and trump. was collusion with hillary clinton. are you convinced? >> i am. spent nearly a year. almost november, year since the election. all of that time we spent a great deal of that time looking whether or not president trump colluded in any way with the russian government to win this election. now, the only available evidence
of anyone within the united states working directly with russians is hillary clinton. the reason i say that go back to earlier this year, michael morel, acting director of cia, talking about christopher steele, that put the dossier together after getting funding. steele was paying russians through mediaries. that means hillary clinton campaign cash going into the pockets of russians. that is a huge deal and one thing democrats are -- cheryl: assuming payoffs to russians for intelligence? that would be something you would kind of do if you're a very vert officer, no? >> that is rationale. this is hillary clinton campaign cash going into russian pockets. are the allegations that don, jr., he commit ad nefarious activity taking a meeting that ended up be become adoption, that is more serious.
cheryl: here is the thing. tom perez, what a bunch baloney and we have no knowledge. jeff tie toobin said this could be done by lower level players at dnc and hillary's campaign and top players knew nothing about it. is is that possible? >> i don't know how the dnc money, hillary clinton campaign money going into the pockets of russians without anybody from either organizations knowing built. next week will yield potentially more bombshells than this one did, because the fbi is sending over all the documentation it supposedly has to congress, finally next week. in those documents we may find some interesting stuff. also the bank records from fusion gp could s on the way, once we get those a whole new bag of worms. cheryl: when you have payments and transactions on paper that
could get you. this fbi informant had the gag order lifted on him or her the lawyer was actually on fox news this morning and the lawyer said she is shocked none of the other networks reached out to her to get the side of the fbi informant. this person seems to be a big key in uncovering this investigation and uncovering what was really happening? >> yes and this informant we know is scared for his life because of obviously how sinister the russian government can be and he felt he was threatened by the obama administration justice department of he has information, he says, going back to 2009 on bribery from the russian government on the uranium markets in the united states. this directly related to this idea that 20% of the american uranium reserve was approved for sale by hillary clinton, eric holder and others. that is a very important element here and he is going to be testifying before congress soon. cheryl: under the previous administration. so there may have been collusion. it was just on the other side of
the political line. >> indeed. shale shale vince, thank you very much. >> thank you. david: shares of apple closing up 3.6%. as the company said it sold out of iphone x minutes after preorders opened this morning. remember they go for 1000 bucks plus tax. demand pushing delivery now to weeks after the phone's launch next friday. buyers may also be buying the 200-dollar warranty as well, since apple will charge $549 for repairs without the warranty. a the-people say, i will buy much cheaper iphone 8. cheryl: what is funny a lot of consumers don't find difference between 7 and 8. so they're buying 7, because 7 is dropping. david: prices are going up. cheryl: crisis in catalonia are rising. tensions are at breaking point.
the spain disbanding the catalonian government hours after independence. where do things stand. defense secretary james mattis visiting the dmz stressing diplomacy. is it possible to maintain peace with that rogue regime. >> doing everything we can to solve this diplomatically. everything we can. ultimately our diplomats have to be backed up by strong soldiers, sailors, airmen, marines. ♪ dependable trucks. built to last a long long time. with durable durability and rugged ruggedness. i like the extra power hauling power maxi power!!! and quality. seems they make them strong extra strong mile after mile after mile. ♪chevrolet!
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david: catalonia voting to leave spain. the wealthy province, home of barcelona choosing secession in a move rejected by the central government in madrid. of the spanish prime minister employing direct rule on the breakaway state in an effort to preserve, quote, law, democracy, stability to the region. with more on the developing situation, these are live pictures you're seeing here,
ashley webster. ashley, you've been warning about this for a long time for all of us. what will it turn into? >> that is good question, dave. we wonder how far it would go. now we know. neither side is budging. there is a big party in barcelona all day, but dark clouds are on the horizon because no one is recognizing the catalonia is an independent state, even though they declared it. not spain, not international community, certainly not the uk, germany, france, even the united states. the state department put out a statement late this afternoon basically saying they fully support madrid and do not recognize catalonia. that said it is the worst political crisis facing madrid in some four deck grades. what happens now? the prime minister said the catalonia parliament is dissolved, the police chief is sacked. but now how much of the control will be given up? are we looking at civil unrest?
are we looking at riots in the streets? certain think there is a fear that this thing has not played out at all. we're at the beginning of it. make no mistake that catalonia is important region to spain. it is a rich area. the implications across other separate is a activities groups in e.u. coulding significant guys. we're following it careful. what happens next, nobody knows. david: if anybody visited barcelona, it is most beautiful city in europe. cheryl: oh the food. you had to mention that. defense secretary james mattis making his first trip to the demilitarized zone between north and south korea, the dmz it is known, ahead of president trump es to asia in two weeks. mattis stressing diplomacy at a time of tension with pongyang. >> as u.s. secretary of state tillerson made clear, our goal is not war, but rather complete,
verifiable, and irreversible denuclearization of the korean peninsula. cheryl: well, tomorrow, mattis will be joined by joint chief of staff chairman, general joseph dunford and south korean defense officials to discuss prospects of south korea war-time control of its own forces. david: back at home, victims targeted by the obama-era irs are finally getting justice years later but could it happen again? details are coming up. cheryl: republicans are attempting to make history, attempting to reform the tax code for the first time in decades. are they up for the task? we'll ask steve forbes after the break. >> the engine of the american economy is revving up and the president is ready to pour in the rocket fuel through massive tax cuts and reforms. ♪
david: green all over the place. look at s&p. the nasdaq seeing the biggest gain of the year driven in large part by these four players. of course look at amazon. who could do better than amazon today, closing up 13% today. it is over $1100 a share. alphabet up four. microsoft up six. intel up seven. all across the place in tech doing well. cheryl. cheryl: doing well, man, i'll tell you. with the house approving the senate-backed budget plan the clock is ticking for tax reform.
one of the focus, whether republicans democrats alike agree on the fate of state and local tax deductions. lawmakers from states with high taxed states made it clear they won't vote for tax reform without coming to an agreement. here with the latest, our owe ven connell income -- mcshane. connell? reporter: cheryl they made that clear with the budget vote. two things, we heard early in the show from the house ways and means committee chairman kevin brady. it is 401(k)s. negotiations between some of those republicans that balked at budget plan and the leadership. interesting to hear the chairman talk about the 401(k) plans, increasing contribution limits but might not all be tax-free. that is a still way you can still pay for tax cuts and that is what it is all about when you think about the deductions as well. chairman brady says there, there is no solution yet, but they're talking and working toward a
solution. you know, 11 of the 20 no votes on the budget came from either new york or new jersey. those are the types of people you have to talk to. one of those no votes who we did speak to believes there is a solution that will be had before a bill gets to the floor. listen. >> we're having a lot of conversations what to do with this issue, but no one has indicated at all to us that this proposal to fully eliminate the state and local tax deduction will be in that final version. reporter: so the goal, cheryl, to get it done as quickly as possible. not a lot of time. they want to get it through before thanksgiving. it's a 5 trillion-dollar tax cut, give or take is the outline. 1 1/2 trillion added to the deficit in the budget. they have to come up with the other 3 1/2 trillion somewhere. that is why they're talking about these things, deductions, 401(k)s. cheryl: if i hear revenue neutral i will lose it.
connell mcshane out in washington. thanks very much. david: cheryl, you're not only one. steve forbes was shaking his head when he heard the revenue neutral stuff. forbes media chairman and joins me now. they seem stuck to this idea, mnuchin, our treasury secretary, to his credit, is not. we'll not worry about the debt goes up after the tax cuts that growth will take care of problems but he hasn't talked to congress into that. >> an amazing thing this is self-imposed straitjacket. the congressional budget office, they strangely worship, this fake god, always underimpacts impact of tax cuts. david: they're always wrong. >> they're always wrong. so they continue to do this crazy exercise, instead of saying assume 3 1/2% over 10 years, which is the average historically in this country. no deficit. stop worrying about it. go for a big fat tax cut. don't get into fight about 401(k)s, state and local
deduction, you can clean the code later. david: particularly following people that always get it wrong. that is one thing you should learn. if you can't learn to do things, don't repeat things that go wrong. >> cbo could predict the future they would buy lottery tickets. you will learn more from a horror scope. david: planned economies don't work. state and local tax deduction, new york and california democratic governors, surprise, surprise, gee, we don't like the idea of ending deductions because some people would leave the states under that proposal. guess what? people vote with their feet. if your taxes are too high locally they will move to another state. that is happening in noil and happening in new york. maybe that is a sign. >> california only reason they had not had huge drop off because of immigration. they have a huge out-migration of residents moving out.
it is too late to do a big tax reform. they should have done that at beginning of the year instead of goes health care. go for reaganesque tax cut. could do it next year or year after. david: happened in reagan administration. '81, '83 and big one in '86. one thing that might mitigate against tax cuts the economy is doing so well. we can put up number of indices, real gdp we learned up another quarter. that is the second third% growth in two quarters. million jobs created. unemployment, 16-year low. 34 new record highs for stocks. today you saw what happened in nasdaq. does good news in the economy make it tougher for tax cuts? >> you hit a good point. not in terms of hours worked, republicans a lazy, things are going well, why do with the hard lifting, go with the net neutrality nonsense instead of doing a big lift reagan did in
the early '80s. that is a danger. what they don't realize, it is nice to have three, but we're capable of four and five. get off the rut we've been in the last 10 years. get average for the last 20 years up to 3%. that means we need some 4%. don't relax on the oars. they don't seem to realize that. david: after the tax cuts in the '80s, '83 up 4%. in '84 it was up 7%. we're capable much more than threes. 401(k)s this is one few things middle class has, one of the few breaks, that those in the middle class get as a result of what the government has done. should it be changed at all or just don't touch isn't. >> don't touch it especially now you already sound like you're taking something away. they made that mistake with the crazy 20% border tax which would slam working families. struggle from paycheck to paycheck. why do you keep putting your foot in the bear trap. democrats loving this. people think their 401(k)s are in jeopardy.
good work, republicans. messaging 101, they need to take a refresh you are course if they took one. david: pulling defeat out of the jaws of victory. steve forbes, good to see you. catch steve forbes and me every saturday 11:00 a.m. on "forbes on fox" on the fox news channel. cheryl. cheryl: that is great. love steve. landmark total for social security spending. according to data published by the treasury department the social security administration spent over one trillion dollars in fiscal 2017. here to explain why that is a shocking number and how it affects growing number of aging americans, fox news correspondent dock mckelway. doug? reporter: the the great psychiat can experience same illnesses as individuals. we have denial here. social security spent trillion dollars first time last fiscal year. it is going broke.
will be technically insolvent by 2034 but nobody, except for a few wise people are heeding the alarm bell. >> social security reform is urgent and necessary, the longer we wait, more painful and drastic cuts will have to be. congress needs to get on this now, an begin the important process of gradually reforming the program so retirees and individuals near retirement will have time to adjust their own savings strategy. reporter:red fund's future liabilities exceed $34 trillion. even one trillion is so huge of a number, if you spent a million dollars every day since the birth of jesus christ, you would still not be there today. michael tanner of cato institute writes, to make social security permanent sustainable, would require 1/3 increase in payroll taxes or permanent reduction in benefits for current and future beneficiaries by 25%. this is all happening because of the retirement of the baby boomers, often described as that
economic pig in a python effect. that analogy is kind of flawed, it suggests things will improve once the pig passes through. douglas holtz-eakin says it doesn't pass through. if you look at projections of the u.s. population we get a shift upward in fractions of americans who will be 65 and older. permanently smaller set of workers and permanently larger set of retirees. inevitable, cheryl, wealthy retirees will relinquish some social security benefits down the road. the age of eligibility has to be raised to 67. if these things are not done, much worse remedies will be in store. back to you, cheryl. cheryl: quite the visuals. thanks very much, doug mckelway. david: they have done to polls to young people, what is more likely, me to get my social security check eventually or see ufos in my lifetime. cheryl: ufos. i'm not getting my social security. not happening. david: oh, lord. decades of secrecy coming to an
end 50 years later. what we know about the assassination of president john f. kennedy, and what we don't know. ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage.
dump. >> it is, cheryl. if you went to the national arrives website you could see a range of information. we need to make a point, president trump decided to keep some records classified for possible release later on. here are a few anecdotes. of the kennedy administration considered creating a bounty system that valued the cuban leader fidel castro at two cents. the administration planned to dropping leaflets over cuba to encourage cubans to kill communists. rewards would be two cents to one million dollars. cambridge news receive ad mystery call 25 minutes before the jfk assassination. the caller told the cambridge news reporter call the american embassy in london for some big news and then hung up. president kennedy was shot within the hour. one theory a friend of lee harvey oswald's made the call. no one knows why that was placed to a regional newspaper, not a national one. another strange phone call the
fbi received a oswald death threat a day before his murder. in the files fbi director j. edgar hoover said jack ruby acted alone as oswald's killer. he was concerned that lee harvey as called that the american people would not believed he acted alone. i saw evidence of his guilt. he may have wanted to avoid riots and diplomatic complications and personally kept the message to the public simple. cheryl, for historians, conspiracy theorists there is a lot more material to go through. if additional documents are released, no doubt conversations will continue. meantime, back to you. cheryl: i encourage you ever in dallas, texas, go to dealey plaza, you can stand right where lee harvey oswald should, see the shots and range for yourself. you can picture how it really happened. >> historic event. cheryl: deirdre, thank you very
much. david: kept it basically the way it was back in 1963. cheryl: you can stand on the perch lee harvey oswald stood on. it is bone-chilling. david: some things we'll never understand with all the evidence. meanwhile justice for those targeted for their political beliefs, some, some justice delivered to the tea party and other conservative groups that were singled out by the irs. ♪
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cheryl: well the justice department reaching settlements with two tea party groups after the irs wrongfully delayed their tax-exempt statuses during the obama administration. my next guest is the founder of one of those groups. here now, mark meckler, tea party patriots cofounder and citizens for self-governance president. mark, good to have you here.
>> thank you for having me. cheryl: do you feel that justice has been served? >> well, certainly we're happy with the size of the settlement, 3 1/2 million dollars from the irs, nothing to scoff at. what i'm waiting for the truth from the irs. this is the piece of puzzle, it will remain missing for a while, what actually happened, who knew about it? we learned a lot of stuff through discovery in the litigation. i don't think the story is yet told. i don't think the apology has been forth coming. >> this was a large case. you have 41 plaintiffs, just inn the first case, there was the two plaintiffs. jeff sessions came out, look the first amendment is the first amendment. this was a breakdown of all of that within, the constitution. but, sessions also came out, i want to read you this he said it is now clear that during the last administration, the irs began using inappropriate criteria to screen applications. hundreds of organizations were affected by these actions and
they deserve an apology from the irs. i think many people believe you do deserve an apology, but do you think you really got one from the irs on all of this? no, we didn't get a policy from the irs. they still owe those people apology. i would like to know what happened, who, what when as the saying goes in these political scandals. the irs has not gotten its house in order. we have no real way how it happened in the first place, how it can't map again. that is the real work. cheryl: whatever side of the aisle they're on, the irs would have this kind of overreach and this kind of power when the scandal broke in 2013, we all felt that way. do you think the irs would do this again, potentially, to any group, left or right? >> yeah, i think the answer is they absolutely would.
there is a culture of corruption inside of the irs. there is absolute power corruption kind of scandal going on inside of the irs even today. there is very little oversight provided by congress to the irs. they have been nothing but obstinant providing documentation or any kind of openness actually what happened inside and that means that potential still exists. the irs is still the deep swamp, the deep state in washington, d.c. it cries out for reform. cheryl: well, at least there is a step in the right direction for you, and for all of the plaintiffs, in both of these cases, and some good words from sessions on it. mark, thank you very much. good to have you here. david: don't reform it. just kill it. get rid of the irs! everybody, if you ask most americans, i guarranty, 90% would be for getting rid of the irs. cheryl: i'm with carol roth from earlier. forget revenue neutral, congress. just spend less money. david: president making new friends at the white house today. just don't tell their parents.
♪ can i kick it? ♪ to all the people who can quest like a tribe does... ♪ >> david: the warm and fuzzy donald trump president trump having fun with children at the media at the white house for a halloween party this afternoon. we heard about it sarah huckabee was talking about how everybody in the press room could follow her at the end to the oval office but he didn't expect what he had to say to the kids take a listen. >> president trump: i can not believe the media produced such beautiful children. how the media did this i don't know. >> david: now, how many first of all how many of the kids do you think got that probably not too many. looked like he was having a great time with the kids and what do you expect the media will say? >> melissa: it really is a fun tradition at the white house and it was great to see them having a good time with the kids. >> dave: what do you think the media will say about him saying
i can't believe the media produced these beautiful children? >> melissa: i want to know if blake burman took his new toddler. >> david: i don't know what you dress as is. risk & rewards starts right now. have a great weekend. >> president trump: strength will also require growth, right now, our economy isn't growing at all. we had only around a 1% growth last quarter. gdp a disaster. the country isn't growing, the stock market now is starting to go down, we're sitting on a big beautiful bubble. obama is the first president in modern history not to have a single year of 3% growth. for every 1% of gdp growth, we fail to generate in any given year, we also fail to create